Documente Academic
Documente Profesional
Documente Cultură
Also, implied contract results when one receives goods or services that
cannot be considered a gift. If he has knowledge of receiving them, he is
responsible to pay for them.
Entire Contract everything stated in the contract must be completed at the same
time, because each part of the contract is dependent on the other.
Ex. Desks were delivered, but chairs backordered. Not required to pay for
desks until chairs arrive. Dependent on the other, not a Divisible Contract - If
swings were delivered, but slides were backordered payment is required
because can use swings without slides.
Executory Contract Some parts still need to be fulfilled under the terms of the
contract.
Void Contract Contract that is not enforceable. No access to any legal recourse.
(Ex. A contract that violates the law)
Voidable Contract A contract where one party has the legal right to reject the
agreement. It is a valid contract until one party withdraws.
Ex. Minor and adult entering into a contract. Ex. Incompetent party. Ex.
Failure to meet agreement.
Request for Proposal the offer and the proposal submitted do not create a
binding contract. The offer is an Invitation to Trade.
-
Mailbox Rule acceptance sent via mail or courier service is effective when sent.
Termination of an Offer 1. Lapse of time 2. Revocation by the offeror 3.
Rejection by the offeree.
CHAPTER 8 MUTUAL AGREEMENT:
-
Unconscionable Contract A contract so unfair, one that majorly benefits and gives
advantage to one side.
Ex. Contract with one who does not know the language.
CHAPTER 9 CONSIDERATION:
Forbearance promise to refrain from doing something that one legally has the
right to do.
Ex. Promise to stop smoking, a legal activity, for a reward.
Promisor Offers/makes the promise.
Promisee One to whom the promise is made.
-
Valid Consideration: 1. A promise for a promise (Fix car if you paint house) 2.
Promise of Forbearance (Buy your Fruit Stand if you promise not to open
another one in same town) 3. A Pledge (Promise to Donate money to charity
or an organization)
Once a minor reaches legal age, he must Ratify (approve) or disaffirm the
contract. This can be done through action or over the passage of time. (If no
action is taken after a significant time period has passed, it is assumed that
the contract remains intact) It does not matter if the contract is executable or
has been executed.
Sherman Antitrust Act Federal statute that forbids certain agreements that tend to
unreasonably inhibit competition, fix prices, allocate territories, or limit production.
Tender Offer of payment. Once made and rejected, can sue for breach of contract.
Impossibility of Performance Contract is VOID and parties are discharged.
Termination by Operation of Law Law is passed after contract is entered that make
it illegal, contract is terminated by operation of law.
Frustration of Purpose purpose of contract no longer exists. Contact is terminated.
Anticipatory Breach Stated intention by a party to breach the contract
-
Each party has a DUTY to mitigate Damages or loss. Ex. Find new tenants.